U.S. life insurance application activity was flat Year-over-Year (YOY) in April 2025 compared to April 2024 at +0.5%. When comparing April 2025 to the same month in prior years, activity was up +10.9% compared to 2023 and up +9.3% compared to 2022. On a Year-to-Date (YTD) basis, activity through April 2025 was flat at +0.7% compared to April 2024. On a Month-over-Month (MOM) basis, April 2025 was down -8.9% compared to March 2025.

Ages 71+ has seen a surge in growth throughout 2025, achieving the second consecutive month of double digit YOY growth in April. Additionally, ages 61-70 saw YOY growth in April 2025, while ages 31-50 saw flat activity, and all other age bands saw declines. April YOY activity was down -3.2% for ages 0-30, flat at -0.7% for ages 31-50, down -2.4% for ages 51-60, up +5.9% for ages 61-70, and up +21.2% for ages 71+. On a Year-to-Date (YTD) basis, activity through April 2025 saw growth for ages 61+, in double digits for ages 71+, flat activity for ages 0-50, and declines for ages 51-60.

Based on data reported to MIB by our members, April 2025 saw flat activity YOY for amounts up to and including $250K, and growth for amounts over $250K, in double digits for amounts over $250K up to and including $1M, and over $5M, and in the triple digits for amounts over $2.5M up to and including $5M. It is important to understand when considering these figures that applications for face amounts over $2.5M up to and including $5M represent less than 5% of total US applications. As such a relatively small change in total applications for this face amount band can drive a reasonably large YOY% change.

When including age bands to our face amount analysis, ages 0-30 saw double-digit growth for amounts over $250K up to and including $2.5M, triple-digit growth for amounts over $2.5M up to and including $5M, and declines for all other amounts, with double-digit declines for amounts over $5M. Ages 31-50 saw double-digit growth for amounts over $250K up to and including $1M and amounts over $5M, triple digit for amounts over $2.5M up to and including $5M, and declines for all other amounts. Ages 51-60 saw double-digit growth for amounts over $250K up to and including $500K, amounts over $1M up to including $2.5M, and amounts over $5M, triple-digit growth for amounts over $2.5M up to and including $5M, declines for up to and including $250K, and flat activity for amounts over $500K up to and including $1M. Ages 61-70 saw growth for all amounts, in the double digits for amounts over $250K. Ages 71+ saw growth for all amounts, in the double digits for amounts up to and including $2.5M and amounts over $5M.

April 2025 saw double-digit YOY growth in Term Life, and declines for Universal Life and Whole Life. Term Life was up +17.9% YOY, Whole Life was down at -1.6%, and Universal Life was down -5.7%. It is interesting to note that Universal Life has not seen YOY growth since November of 2023. Further, Term Life has shown consistent monthly YOY growth since July 2024. Term Life saw double-digit YOY growth for all age bands. Whole Life saw double-digit YOY growth for ages 71+, flat activity for ages 61-70, and declines for ages 0-60, in double digits for ages 51-60. Universal Life saw YOY growth for ages 61+, in the double digits for ages 71+, flat activity for ages 0-30, and declines for ages 31-60, in the double digits for ages 31-50.

Note: All analysis is based on data as reported to MIB by our members.